He is America’s 133rd richest, and sits in the top 500 globally, worth $4 billion, according to the Forbes rich list. The property mogul Donald Trump is also well known for his role in the TV hit series ‘The Apprentice’, where no quarter was given and the feared words ‘You’re Fired’ would ring from his lips. His latest venture sees him running for President with the latest polls putting him as the leading Republican candidate. He is a man of controversy, none more than what’s been said during his election campaign, but his success is well documented. In the video below, Donald Trump serves his 24 tips for entrepreneurs, a must watch. – Stuart Lowman
Location, location, location.
I’ve always felt location is important but the people behind the deal are much more important than location. I’d rather have a really, smart talented guy doing a deal in a ‘not so good’ location than an idiot doing a deal in a great location. Because you’ll make money every time.
The Art of the Deal.
Negotiation is a very, very delicate art. Sometimes we have to be tough. Sometimes we have to be as sweet as pie. You never know. It depends on whom you’re dealing with. I’ve always said that negotiation is not really learned. It’s almost innate. It’s in the genes. A negotiator is born.
Don’t Negotiate With Underlings.
Making deals can be tough. I learned, at a young age, that you have to deal with the boss. It’s very simple. Deal with the boss wherever possible.
A Deal’s a Deal.
Once you make a deal with someone, it’s really important to carry it through. If you start developing the wrong reputation, it makes it impossible to make future deals. Once you shake hands that should be it.
Stand Up For Yourself.
You always have to stand up for yourself. You just have to fight for yourself because basically, nobody else is going to fight for you.
Know What You’re Up Against.
Negotiation is a very delicate part. The big thing in negotiation is to try and figure out your opponent, otherwise you’re going to look like an idiot and lose big.
God is in the Details.
Many times, you hear the expression that God is in the details. When people come in to buy something, especially very rich people, they see details. If something’s wrong, they see it and it reflects in the prices. That’s why I’m up early in the morning, to check every detail of my construction sites. It’s a little bit like watching somebody sell their used car and not wash it. You can spend $10.00 washing the car and get another $200.00 for the car. I’ve seen guys. They’re selling cars that are dirty and I say, “That guy is a loser.”
Beggars Can’t be Choosers.
Never beg when you’re trying to sell something. If it doesn’t work out, take your lumps and relax, but you’ll never sell through the begging route.
You’ve gotta believe.
You’ve gotta believe in what you sell. If you don’t believe it…if you don’t really believe it yourself, it will never work. It will never sell and you’re going to be miserable.
Think Outside The Box.
Thinking outside of the box is something that is very much of a cliché, but if you really want to be successful, that’s how you’re going to have to do it.
It’s easier to think big.
It’s always been easier for me to think big. It was always easier for me to attract the money and the capital than it would be if I did a small job some place that nobody cared about and nobody wanted to finance.
Passion.
You cannot be successful without passion. If you don’t love what you’re doing…if you don’t have a passion for it, forget it. Do something else. You’ll be much more successful and you’ll lead a much happier life.
Dog Does Not Eat Dog.
The greatest thing that can happen to a business man or a woman is to surround yourself with talented people who also happen to be loyal. You never what makes a loyal person. Guess what. If they’re not loyal to you one time, don’t give them a second chance because they won’t be loyal to you the next time.
A Penny Saved is a Penny Saved.
I focus very, very had on budget. When people don’t adhere to a budget, it’s only trouble. When people go over budget, they’re in big trouble.
Be Respected.
The word ‘leadership’ is always hard to define because you see so many different people that are so different and they’re great leaders. The quality of a great leader that I’ve seen, that’s common to all, is respect. People have to respect you or you cannot be a leader.
Price it Right.
The marketplace is totally brilliant. If you price something a little bit high, all of a sudden they don’t buy. If you price it a little bit low, the marketplace just comes and eats it alive. You have to find the right price and if you don’t – big trouble.
Know Your Market.
When I build a building or when I build a golf course, or a club, or whatever I do, you always have to go after a certain audience. You have to be able pinpoint your market and if you can’t pinpoint the market, you won’t be successful.
Sell Your Ideas.
If you think an idea is really good, then just don’t stop. Go after it. Keep selling it because some of the greatest ideas were ideas that nobody wanted.
You Have To Love it.
To represent Donald Trump and the Trump organisation, somebody has to be driven. Maybe, more important than anything, they have to love it. If they don’t love it, they’ll never ever be successful. Once they love it and once I can see they enjoy what they’re doing, and they have the talent to do it, they can’t stop.
Control Your Contractor.
Contractors are a whole, separate breed. They’re tough. They’re smart. They didn’t go to Harvard or Wharton (mostly) but they’re just as smart as anybody that went there. You have to know how to deal with contractors and you have to be tough because they will pick your pockets and you won’t even know what happened.
Believe In Yourself.
Positive attitude is all about self-confidence and self-confidence is the whole ballgame. If you don’t have a positive attitude in business or in life, you’ll never ever be successful.
Never Lose your Cool.
